KLP Kapitalforvaltning AS Acquires New Stake in Permian Resources Co. (NYSE:PR)

KLP Kapitalforvaltning AS acquired a new stake in Permian Resources Co. (NYSE:PR - Free Report) in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund acquired 120,784 shares of the company's stock, valued at approximately $1,737,000.

A number of other institutional investors have also recently made changes to their positions in PR. State Street Corp grew its stake in shares of Permian Resources by 6.1% in the third quarter. State Street Corp now owns 22,027,153 shares of the company's stock worth $299,790,000 after purchasing an additional 1,263,460 shares during the last quarter. Bank of New York Mellon Corp lifted its holdings in Permian Resources by 7.2% in the 4th quarter. Bank of New York Mellon Corp now owns 13,631,747 shares of the company's stock worth $196,025,000 after buying an additional 909,740 shares during the period. American Century Companies Inc. grew its position in shares of Permian Resources by 1.6% in the 4th quarter. American Century Companies Inc. now owns 11,299,054 shares of the company's stock worth $162,480,000 after buying an additional 172,856 shares during the last quarter. Geode Capital Management LLC increased its stake in shares of Permian Resources by 17.6% during the third quarter. Geode Capital Management LLC now owns 10,941,937 shares of the company's stock valued at $148,957,000 after buying an additional 1,638,618 shares during the period. Finally, Jennison Associates LLC raised its holdings in shares of Permian Resources by 19.8% during the fourth quarter. Jennison Associates LLC now owns 9,159,252 shares of the company's stock valued at $131,710,000 after acquiring an additional 1,511,923 shares in the last quarter. Hedge funds and other institutional investors own 91.84% of the company's stock.

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Insider Activity

In other Permian Resources news, Director William J. Quinn acquired 500,000 shares of the company's stock in a transaction that occurred on Monday, March 3rd. The shares were bought at an average cost of $13.07 per share, with a total value of $6,535,000.00. Following the completion of the transaction, the director now directly owns 812,429 shares of the company's stock, valued at approximately $10,618,447.03. This represents a 160.04 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP John Charles Bell sold 2,804 shares of the business's stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $14.03, for a total value of $39,340.12. Following the completion of the transaction, the executive vice president now directly owns 74,433 shares of the company's stock, valued at approximately $1,044,294.99. This trade represents a 3.63 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 18,446 shares of company stock worth $269,731 over the last 90 days. 12.80% of the stock is currently owned by insiders.

Permian Resources Stock Up 3.0 %

Permian Resources stock traded up $0.41 during mid-day trading on Wednesday, reaching $14.21. The stock had a trading volume of 5,682,069 shares, compared to its average volume of 9,439,758. Permian Resources Co. has a one year low of $11.84 and a one year high of $18.28. The company has a 50-day moving average price of $14.03 and a two-hundred day moving average price of $14.37. The company has a market capitalization of $11.42 billion, a price-to-earnings ratio of 8.61, a PEG ratio of 4.05 and a beta of 4.30. The company has a debt-to-equity ratio of 0.40, a current ratio of 0.68 and a quick ratio of 0.68.

Permian Resources Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Monday, March 17th were paid a $0.15 dividend. The ex-dividend date was Monday, March 17th. This represents a $0.60 annualized dividend and a dividend yield of 4.22%. Permian Resources's dividend payout ratio is presently 41.96%.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on PR. Truist Financial boosted their price objective on shares of Permian Resources from $20.00 to $23.00 and gave the company a "buy" rating in a research report on Monday, January 13th. Citigroup lowered shares of Permian Resources from a "buy" rating to a "reduce" rating in a report on Wednesday, March 5th. Susquehanna upgraded Permian Resources from a "neutral" rating to a "positive" rating and upped their target price for the stock from $17.00 to $20.00 in a report on Wednesday, March 5th. Williams Trading set a $19.00 target price on Permian Resources in a research note on Wednesday, March 5th. Finally, Bank of America reduced their price target on Permian Resources from $19.00 to $17.00 and set a "buy" rating on the stock in a research note on Tuesday. One investment analyst has rated the stock with a sell rating, one has given a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $19.13.

About Permian Resources

Permian Resources Corporation, an independent oil and natural gas company, focuses on the development of crude oil and related liquids-rich natural gas reserves in the United States. The company's assets primarily focus on the Delaware Basin, a sub-basin of the Permian Basin. Its properties consist of acreage blocks in West Texas, Eddy County, Lea County, and New Mexico.